ST. LOUIS (AP) - Airplane parts maker LMI Aerospace Inc. said Monday it plans to buy D3 Technologies Inc., a design and engineering services company, for $65 million in cash.
LMI President and Chief Executive Ronald Saks said in a statement that the deal will add to the company's product offerings and lower its dependence on new aircraft production cycles.
LMI plans to fund the acquisition with existing cash and a new $80 million credit agreement. It expects to have about $35 million left on the new credit line after buying D3.
Privately held D3 Technologies, based in San Diego, has 350 employees and generated $64 million in revenue last year.
LMI said the deal is expected to close in the third quarter of this year.